President of Ukraine Volodymyr Zelenskyy has signed a law on the phased increase of the excise tax on fuel.

"01.09.2024. Returned with the signature of the President of Ukraine," states the website of the Verkhovna Rada.

"It comes into force on September 1 (as I said, they would implement it retroactively). It will take effect as soon as it is published in the official gazette, which could be today or tomorrow," wrote MP Yaroslav Zhelezniak (the Holos parliamentary faction) on Telegram.

"The law has been signed by the President. Therefore, both the law and the new rates take effect on September 1, unless otherwise specified in the law," said the head of the parliamentary committee on finance, tax, and customs policy, Danylo Hetmantsev, on Telegram.

As reported, the Verkhovna Rada passed the law on July 18, which outlines a schedule for annual increases in excise tax rates from July 1, 2024, to January 1, 2028. Specifically, the excise tax on gasoline will increase from the current EUR 213.50 per 1,000 liters to EUR 242.60 starting in July 2024, EUR 271.70 in 2025, EUR 300.80 in 2026, EUR 329.90 in 2027, and EUR 359 starting in 2028.

The excise tax on diesel fuel will rise from the current EUR139.50 per liter to EUR177.60 from July 2024, to EUR 215.70 in 2025, EUR 253.80 in 2026, EUR 291.90 in 2027 and EUR 330 from 2028.

The excise tax on liquefied petroleum gas (LPG) will rise from the current EUR52 per 1,000 liters should increase to EUR 55.60 from July 2024, to EUR 59.20 in 2025, EUR 62.80 in 2026, EUR 66.40 in 2027 and EUR 70 from 2028.

The law should come into force on 1 September 2024.